Stocks extend rally, KSE-100 closes 589 points higher

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KARACHI: Stocks continued to rally for the third consecutive session on Thursday, as the indices followed the upward trajectory amid improved market turnover.

On the economic front, the government has failed to meet its annual inflation target of 6pc for the fiscal year 2018-19. According to the latest data released by Pakistan Bureau of Statistics, inflation clocked in at 7.34pc for the period under review – the highest average rate in the last five years.

Meanwhile, according to Federal Board of Revenue (FBR) Chairman Syed Shabbar Ziadi, more than 95,000 people have registered their undeclared assets under Assets Declaration Scheme, deadline of which ends tonight (Wednesday).

After gaining 631.33 points, the KSE-100 Index touched its intraday high of 34,938.44. The index closed higher by 589.44 points at 34,896.55. The KMI-30 Index appreciated by 1,181.95 points or 2.15pc to close at 56,051.05, while the KSE All Share Index gained 305.84 points, settling at 25,415.81. Out of all traded shares, 209 advanced, 85 declined while the value of 13 remained unchanged.

The overall trading volumes at the Pakistan Stock Exchange improved by 43pc on a daily basis and were recorded at 130.43 million. Lotte Chemical Pakistan Limited (LOTCHEM +5.59pc) topped the volume chart with 11.69 million shares exchanging hands. TRG Pakistan Limited (TRG +3.90pc) and Unity Foods Limited (UNITY +1.18pc) were next in line with 7.96 million shares and 7.38 million shares respectively.

The refinery sector added 3.20pc in its total market capitalization. National Refinery Limited (NRL +4.99pc) touched its upper-circuit breaker, while Attock Refinery Limited (ATRL +3.77pc), Byco Petroleum Pakistan Limited (BYCO +2.72pc) and Pakistan Refinery Limited (PRL +2.08pc) also closed positively.

The oil and gas marketing sector gained 3.06pc in its cumulative market capitalization. Sui Northern Gas Pipeline Limited (SNGP +4.84pc), Shell Pakistan Limited (SHEL +3.34pc) and Attock Petroleum Limited (APL +3.54pc) all settled with decent gains.

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